Penske Automotive Group, one of the world’s largest automotive and commercial truck retailers, announced the acquisition of Longo Toyota and Longo Lexus in El Monte, California, Lexus of Stevens Creek in San Jose, California, and Longo Toyota of Prosper in Prosper, Texas, a rapidly growing suburb of Dallas.
The newly acquired dealerships retailed more than 28,000 new and used vehicles in 2024 and are expected to contribute approximately 1.5 billion dollars in estimated annualized revenue.
Longo Toyota has been the top-volume Toyota dealer in the United States for 58 consecutive years. Longo Lexus has been the number-one Lexus dealer in the Western Area of the U.S. for 35 years, while Lexus Stevens Creek has held the top-volume Lexus position in Northern California for 22 years.
North American Operations Officer Rich Shearing said the acquisitions represent a strategic expansion of Penske Automotive Group’s portfolio. “The acquisition of these premier dealerships represents a strategic addition to the Penske Automotive Group portfolio.
The transaction strengthens our relationship with the Toyota and Lexus brands and expands the Company’s presence in southern California to the Los Angeles area, complements the Company’s existing presence in northern California, and expands our operations in Texas to the fast-growing Dallas market.
We look forward to continuing the outstanding legacy of these dealerships and are excited to welcome these new team members to Penske Automotive Group,” he said.
The purchase was funded through a combination of existing capacity under the company’s U.S. credit agreement and a note payable to the seller.
The transaction officially closed on November 19, 2025. Additional details have been included in the company’s Form 8-K filed with the Securities and Exchange Commission on the same date.
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